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Ethereums [ETH] price recently fell victim to a price correction like the rest of the crypto-market. Ahead of the said episode, a key ETH indicator flashed a similar outcome. Not only that, but AMBCrypto has also reported how top players in the crypto-space lost some faith in ETH as they started to sell their holdings.

After a comfortable rally, the king of altcoins price registered a decline in the short-term. According to CoinMarketCap, ETH was down by nearly 5% in the last 24 hours alone. At the time of writing, ETH was trading at $2,239.24 with a market capitalization of over $269 billion.

Unfortunately, ETHs trading volume increased while its price dropped, which is generally perceived as a bearish signal. In fact, Ali, a popular crypto-analyst, rightfully pointed out yet another bearish metric for Ethereum.

According to the analyst, the TD Sequential has flashed a sell signal on Ethereums 3-day chart.

For starters, the TD Sequential is a tool designed to identify the exact time of trend exhaustion and price reversal. Ali mentioned that if this signal is confirmed, it might set up a prime buying opportunity, with ETH potentially retracing to $2,150. Considering the ongoing price trend, the possibility of ETH falling to $2,150 seems to be high.

To better understand what ETHs future might look like, AMBCrypto checked the tokens on-chain metrics. Our analysis found that selling pressure on the token was high as its exchange reserve was increasing, as per CryptoQuants data.

Additionally, both ETHs Korea Premium and Funds Premium were red, meaning Korean investors and institutional investors have been selling their holdings.

Not only retail investors, but as reported previously by AMBCrypto, whales are also selling ETH. To be precise, a whale made a significant deposit of 3,700 ETH (equivalent to $8.72 million) to Binance recently.

Here, it is interesting to note that while the tokens price dropped sharply, its social volume also declined slightly. Negative sentiment around the token skyrocketed too, as is evidenced by the dip in its weighted sentiment.

Read Ethereums [ETH] Price Prediction 202324

AMBCrypto then had a look at ETHs daily chart to see the viability of the tokens price plummeting further.

Ethereums MACD projected the possibility of a bearish crossover, which can push the tokens price down to the $2,150-mark in the near term. On the contrary, the Chaikin Money Flow (CMF) registered an uptick An optimistic sign.

See the article here:

What Ethereums latest correction means for its price prediction - AMBCrypto News